North Carolina Down Payment Support Programs

Online Merchant account - These programs are the Down Payment Assistance Program as well as the Mortgage Credit Certificate.

Also you buy a home between January 1, 2009 and December 1, 2009 and if you meet the requirements for one of the plans, you can even qualify for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who is a First Time Home Buyer? A first-time Home Buyer is someone who has not owned a house in the prior three years. This is precisely the same qualifying definition.

You can claim 20% of the interest you pay on your own mortgage as a credit on your own federal income taxes, should you qualify for the MCC. It is possible to save as much as .

You may find a way to unite this with the $8,000 tax credit should you qualify for 2009. This would reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any other man anticipated to live in the home who is 18 years old or older.”

House price limits Durham and Chatham Counties and the income are given below.

MCC Income Limitations 1 Man $61,500 2 Men $61,500 3 Persons $70,500 4 Men $70,500

MCC Sales Price Limitations New House $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

Home buyers that want help with their deposit and closing prices may be able to get down payment assistance - or, to put it differently, interest-free, deferred second mortgages up to $8,000. The purchaser only needs to pay $1,000 of their own funds and the load would pay up to .

This program has stricter income limits than the MCC plan outlined above. Like the MCC application, it can be used along with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, nonetheless, can't be used along together with the MCC. That is an either or situation.

The income and house price limits that apply in Orange, Durham and Chatham Counties are listed below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Assistance Sales Price Limits New House $210,000 Existing Dwelling $210,000